Broadway Palace in Prague (pictured in May 2021).
Prague – Even the fourth attempt to sell Prague's Broadway Palace in an electronic auction ended unsuccessfully. No one bid on the starting price of 990 million crowns, the Office for Representation of the State in Property Matters (ÚZSVM) said today. The authority will now offer the building to the current tenant at the starting price from the auction. The lessee can use the preferential right to buy within three months. ČTK is investigating his statement.
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One interested party signed up for the auction and put down a deposit of 20 million crowns. However, he did not make any bids during the two-day auction. The situation from previous attempts to sell the Broadway Palace was thus repeated. The ÚZSVM held auctions in September 2021, last March and last August.
The functionalist building by architects Bohumír Kozák and Antonín Černý from the 1930s is between Celetná and Na Příkopě streets, near Republiky Square. The building consists of three connected tracts. It belongs to the largest functionalist new buildings in the historical core of Prague. At first, it served the needs of Italian insurance companies, and apartments were located in part of the complex. After 1980, the building was adapted for administrative purposes. A cinema was opened in the basement of the building in 1938 with the then most modern projection and sound equipment. Currently, the premises of the functionalist palace are used by the Broadway Theater.
In accordance with the law, the ÚZSVM offered the building after taking it over, first to other state institutions. But none of them showed interest in him. Therefore, the office is looking for a new owner through an electronic auction.
The sale of the Broadway Palace could become the largest sale in the history of the ÚZSVM. So far, the highest sum of 790 million crowns was obtained by the state from the sale of the premises on Náměstí Republiky in Prague and the sale of the U Půjčovna premises in Prague, which was sold for 355.1 million crowns after 100 bids.
